A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the first $5,000 of interest received on certain savings deposits in the case of individuals over 65 years of age.

Allows an individual who has attained the age of 65 before the close of the taxable year to exclude up to $5,000 of the interest received on savings from gross income under the Internal Revenue Code.

Reduces the $5,000 limitation by so much of the adjusted gross income as tax exceeds $10,000.

Requires married taxpayers to file a joint return to be eligible for the tax exclusion.